Barney Frank on Balancing the Budget: ‘I Don’t Think Balance is Logical’

( — Rep. Barney Frank (D-Mass.) does not think it is “logical” to achieve a balanced federal budget “from the standpoint of a whole economy” because the relationship between budget and government is different from that of budget and individual.

At the U.S. Capitol on Thursday, asked Frank about the “fiscal cliff” talks between President Barack Obama and House Speaker John Boehner (R-Ohio): “During these ongoing negotiations would you like to see an attempt to balance the federal budget? And if so,in what year?”

Frank said, “I don’t think balance is logical from the standpoint of a whole economy. One of the problems with balancing the budget, if you’re talking about a private individual you get credit for the things you report and that you own, your assets. The federal government has enormous assets. We have buildings and roads and ships.”

“So I think that you ought to be able to get to a point, 7 or 8 years from now, where in a good economic year you can hit a balance,” he said. “It’s important to reduce the deficit but the analogy between an individual entity and the federal government makes no sense.”

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